Result of fundraising

Vietnam Opportunity Fund Limited
06 August 2004


                        Vietnam Opportunity Fund Limited

                            ('VOF' or the 'Company')

                             Results of fundraising

The Directors of the Company are pleased to announce that the Company has
successfully completed a fundraising of $7,176,575.40 through the issue of
6,251,196 New Ordinary Shares. Existing shareholders of the Company subscribed
at a subscription price of US$1.09 and new investors subscribed at a
subscription price of US$1.15.

These shares have been placed with the following:

NAME OF EXISTING SHAREHOLDER        NO OF SHARES   CONSIDERATION   % OF ENLARGED
                                 SUBSCRIBED FOR                   ISSUED SHARE
                                                          (US$)    CAPITAL OF THE
                                                                       COMPANY
Millennium
Partners, LP                            75,000       81,750.00           20.43

Hibernian
Industries
Ltd.                                   130,000      141,700.00            1.48

NAME OF NEW SHAREHOLDER             NO OF SHARES   CONSIDERATION   % OF ENLARGED
                                 SUBSCRIBED FOR                    ISSUED SHARE
                                                          (US$)    CAPITAL OF THE
                                                                       COMPANY

Pictet & Cie                         2,937,500    3,378,125.00           15.48

Petercam
Luxembourg
S.A.                                 1,304,348    1,500,000.20            6.88

ABN AMRO Bank
(Schweiz) AG                         1,304,348    1,500,000.20            6.88

AMW HK Ltd.*                           500,000      575,000.00            6.33

* % of enlarged issued share capital of the company includes all the
subscriptions made under the same beneficial owner Mr. Horst Geicke.

The issue of equity brings Mr. Geicke's interested holding in the Company to
1,200,000 shares representing 6.33% of the issued share capital of the Company.

The subscriptions by Millennium Partners, LP ('Millennium') and AMW HK Ltd. ('AMW')
are classified as related party transactions for the purposes of the AIM
Rules. Accordingly the Directors (other than Horst Geicke, who is the beneficial
owner of AMW, and Robert Knapp, who is a director of Millennium), having
consulted with Grant Thornton Corporate Finance (in its capacity as the
Company's nominated adviser), confirm that they are satisfied that the terms of
Millennium's and AMW's participation in the fundraising are fair and reasonable
insofar as the shareholders of the Company are concerned.

Application has been made for the newly issued shares to be admitted to trading
on the AIM market of the London Stock Exchange. Admission of the new ordinary
shares is expected to occur on or around 11 August 2004.

The Company is pleased to have received follow-on investments from several of
its original investors as well as to welcome highly reputable new investors to
the Fund.

End




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